Affordable Housing In Fayette County
Iowa

3 Low Income Apartment Communities In Fayette County

Palmer Apartments

711 Jefferson St
West Union, IA
Income Based
Studio-1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Buffalo Run Apartments

400 13th Ave NW
Oelwein, IA
HCV Welcome

Westwood Park Apartments

710 Jefferson St
West Union, IA
HCV Welcome
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Guide To Affordable Housing in Fayette County, Iowa

There are 3 low income housing apartment communities offering 80 affordable apartments for rent in Fayette County, Iowa. Fayette County features 20 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 60 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Fayette County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Fayette County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 80
Total Housing Units with Rental Assistance 20
Percentage of Housing Units Occupied By Renters 24.68%
Average Renter Household Size 2.13
Average Household Size 2.31
Median Household Income $44,928 ±$2,331
Median Rent $553 ±$24
Percentage Of Renters Overburdened 41.95% ± 6.18pp
Total Population 20,589

Population and Household Demographics

Fayette County is a County in Iowa with a population of 20,589. There are 8,556 households in the county with an average household size of 2.31 persons. 24.68% of households in Fayette County are renters.

Income and Rent Overburden in Fayette County

The median gross income for households in Fayette County is $44,928 a year, or $3,744 a month. The median rent for the county is $553 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fayette County, a household making less than $1,843 a month would be considered overburdened when renting an apartment at or above the median rent. 41.95% of households who rent are overburdened in Fayette County.1

Area Median Income In Fayette County

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

In Fayette County, HUD calculates the Area Median Income for a family of four as $62,700

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Fayette County

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Fayette County HUD Rental Assistance in Fayette County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,600 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
80% of Median $38,850 $44,400 $49,950 $55,500 $59,950 $64,400 $68,850 $73,300
Low Income Housing Tax Credits in Fayette County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1994 to 2000, 2 low income apartment communities containing 60 rental apartments have been constructed and made affordable to low income persons in Fayette County by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Fayette County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
60% of Median $29,160 $33,360 $37,500 $41,640 $45,000 $48,360 $51,660 $55,020

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Fayette County is $37,500 a year, or $3,125 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,125 by 30% to get a maximum rent of $938 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $608 $651 $781 $903 $1,008 $1,111
60% $729 $782 $938 $1,083 $1,209 $1,334
Fair Market Rents in Fayette County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$496 $522 $687 $856 $931

Cities In Fayette County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Arlington 0
Oelwein 1
Clermont 0
West Union 2
Elgin 0
Waucoma 0
Fayette 0
Hawkeye 0
Maynard 0
Randalia 0
Wadena 0
Westgate 0
St. Lucas 0